Property & Casualty drives AXA’s total sales revenues up 2% for FY2022

Underlying earnings per share increased by 12% compared to 2021.

AXA’s total revenues went up by 2%, driven by Property & Casualty, mostly due to favourable pricing effects according to the insurer's full-year earnings 2022 report.

In the group’s financial statement, revenue growth was partly offset by a decrease of 5% in Life & Savings, as growth in Protection was more than offset by lower revenues in G/A Savings, mostly in France, Italy and Japan, and in Unit-Linked, including from the non-repeat of a large Group contract in France, and Asset Management (-3%), with lower performance and management fees, reflecting unfavourable market conditions. 

Underlying earnings increased by 4% to $7.74b, driven again by Property & Casualty, reflecting higher investment income and a resilient underwriting result despite the impact of the war in Ukraine and the non-repeat of elevated Motor claims frequency benefits in Europe in 2021, and  Life & Savings, from a higher technical margin in France and Japan, and lower expenses, partly compensated by a lower investment margin. 

This was partly offset by decreases in health Health (-11%), from higher Covid-19 claims in Japan as well as from the negative impact of two large international Group contracts in France, and Asset Management (-2%), from lower revenues, partly offset by lower expenses. 

Meanwhile, underlying earnings per share increased by 12%, reflecting the increase in underlying earnings and the favourable impacts of share buy-backs (+4%), and foreign exchange (+4%). 

Net income decreased by 11% to $7.10b, mainly from a decline in the value of invested assets and derivatives that are fairly valued through P&L from unfavourable market impacts, as well as the write-off of Reso Garantia goodwill, partly offset by the increase in underlying earnings. 

“AXA delivered a strong performance in 2022 despite a challenging environment, a confirmation of the resilience of our business model. Our Group is well positioned, delivering across all dimensions, with underlying earnings per share of €3.08, up 12%, a Solvency II ratio at 215% and €4.5b cash at the Holding,” Thomas Buberl, group CEO of AXA said.